Author: Albert Savana

Gabon, Equatorial Guinea and Senegal will continue to showcase their hydrocarbon potential at the 2019 Africa Oil & Power conference and exhibition. Senegal and South Sudan will launch their next oil and gas licensing round at AOP 2019. Senegalese President, H.E Macky Sall, will be honoured as Africa Oil Man of the Year by Africa Oil & Power for his work in developing the Senegalese energy sector. Registration is open for the 2019 Africa Oil & Power conference in October 9 -11. The conference will take place at the CTICC1 in Cape Town, South Africa. Determined to attract investment and…

West Africa Rating Agency (WARA) has raised the long-term rating of CFAO Motors Ivory Coast, a subsidiary of the CFAO group specialized in the sale of motor vehicles, from “BBB +” to “A-” with a stable perspective. “This rating is two notches below the Ivorian national ceiling, which is set to ‘A +'”, specify those responsible for this rating structure based in Dakar. They add that the short-term rating is “w-3” with a stable outlook. According to WARA, the rise in the CFAO Motors CI rating is the result, among other things, of a consolidation of its position as a…

The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank has approved a $500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF), a new private equity fund developed by All On, a Nigerian impact investment firm financed by Shell. NEAF will make strategic investments in sustainable energy in Nigeria, particularly in the country’s burgeoning off-grid and mini-grid sectors. The SEFA grant will support specific workstreams to set NEAF in motion and enhance its engagement with private and public sector investors. NEAF will be a first-of-its-kind facility to provide eligible projects and…

The Ministry of Industry, Trade and Tourism, in partnership with the Economic Commission for Africa and the African Union Commission (AUC) held an AfCFTA Sensitization Workshop in Lilongwe on Tuesday 17 September. This workshop brought together approximately 100 participants from the private sector, civil society organizations, government and academia. The purpose of the workshop was to promote dialogue and develop a better understanding of the AfCFTA, as well as, secure consensus for Malawi to ratify the AfCFTA Agreement. In his official opening remarks, Dr. Joseph Mkandawire, Director of Administration and Finance, Ministry of Industry, Trade and Tourism, delivered a speech…

Democratic Republic of Congo conducts national consultation on the AfCFTA Addis Ababa, September 17, 2019 (ECA) – By establishing a single market of 1.2 billion individuals representing $ 2.5 trillion of cumulative GDP, the African Continental Free Trade Area (AfCFTA) is an important lever to increase the production capacity of the Democratic Republic of Congo (DRC) and unlock its commercial potential. It also offers the prospect of generating higher value-added processing opportunities for this state of more than 85 million people, which shares borders with nine neighboring countries and faces the challenge of diversifying its economy. Against this backdrop, a…

Finnfund supports the expansion of Yalelo Limited, an integrated tilapia aquaculture company in Zambia with a 6 million US dollar equity investment. It is the first direct investment by Finnfund in Zambia. Yalelo is the largest aquaculture company in Africa, producing 12,000 tons of tilapia annually. With the investments from Finnfund and Dutch FMO, Yalelo intends to expand its annual production to 25,000 tons. The rising population of Zambia, together with significant overfishing, has created a challenge for food security. Sustainable aquaculture provides a solution: tilapia is one of the most efficient sources of protein and has a much lower…

The Eastern and Southern African Trade and Development Bank (TDB) is extending USD 100,000 in grant funding to assist the victims of Cyclones Idai and Kenneth in Mozambique. A ceremony to mark the occasion was held on Friday the 13th of September at INGC’s offices in Maputo where the grant was presented by Dr. Mabouba Diagne, TDB Coverage Executive, Franco-Lusophone Africa. “Food relief items were identified as some of the most pressing needs to be catered to”, commented Isabel Sumar, TDB’s Non-executive Director from the Ministry of Finance of Mozambique. These will be supplied by Merec Industries and Phoenix Mozambique, TDB’s…

• Africa Oil & Power (AOP) is outraged by the violent attacks on foreign nationals living in South Africa. As government adopts measures to ensure safety for all, AOP calls for violence to come to an end. • As of Monday, the South African Police has made 639 arrests related to the xenophobic attacks in South Africa.  • South Africa’s President Cyril Ramaphosa says there is no justification for the attacks and calls on ministers and the police service to find solutions to address the violence. Africa Oil & Power (AOP) and its partners strongly condemn the violent attacks on foreign nationals living in South Africa which have resulted in businesses being looted and at least 12 lives claimed. In addressing the issue with determination to…

Zimbabwe has confirmed that it will host the 6th Africa Regional Forum on Sustainable Development (ARFSD) which will be held in the resort town of Victoria Falls from 24-27 February, 2020. Officials from the United Nations Economic Commission for Africa (ECA) met Monday with senior government officials, including Labour, Public Service and Social Welfare Minister, Ms. Sekai Nzenza, in the first preparatory meeting towards Harare’s successful hosting of the Forum. Ms. Nzenza said Zimbabwe is proud to host the ARFSD, adding the Forum is a great opportunity for the country to showcase itself and its transitional stabilisation programme, whose major…

The African Export-Import Bank (Afreximbank) has announced the opening of registration for its 20th Afreximbank Trade Finance Seminar and Workshop, which will take place in Durban, South Africa, from 4 to 7 November 2019. The seminar and workshop series, formerly known as the Structured Trade Finance Seminar and Workshop, is being organized this year in collaboration with the South African province of Kwazulu-Natal. The series aims to equip African financial institutions, bankers and professionals from regulatory agencies, corporates and legal firms with skills for dealing with the challenges of financing transactions in times of economic uncertainty. In an announcement in Cairo…

Africa Finance Corporation (“AFC” or “the Corporation”), Africa’s leading investment-grade infrastructure solutions provider, announces the successful closure of general syndication which raised US$ 233 million and JPY 1 billion. MUFG Bank, Ltd. (“MUFG”) and Sumitomo Mitsui Banking Corporation (“SMBC”) acted as Mandated Lead Arranger and Bookrunner. MUFG will be acting as Facility Agent on the transaction, while SMBC will be acting as Documentation Agent. The Facility, which comprises two tranches, with both tranches (US$-denominated Tranche A and JPY-denominated Tranche B) carrying a tenor of three years each (bullet repayment), is AFC’s first Asian-currency denominated loan facility. It is an important step…

“The Government of Côte d’Ivoire has been consistent in its relationship with African Risk Capacity. The expected trigger of a payout to the country will, once again, validate ARC’s proof of concept and enable the Government to quickly come to timeously assist the affected population thereby significantly reducing vulnerability and promoting resilience”, – Dolika Banda, CEO, ARC Insurance Limited Abidjan, September 12, 2019 – The African Risk Capacity Insurance Limited (ARC Ltd) has confirmed that it will pay out the sum of $738, 835 to the Government of the Republic of Côte d’Ivoire following the severe rainfall deficits experienced in the central region…

On October 4th and 5th, 2019, the 6th edition of the Rebranding Africa Forum will open its doors to more than 500 participants from all over the world. At the heart of the debate: African mines. On the sidelines, an intensive and certified Mining and Energy Intelligence training will be organized by the CAVIE in the capital of Europe. Under the theme “The socio-economic challenges of mining in Africa”, the 6th edition of the Rebranding Africa Forum (RAF2019) will open its doors to more than 500 participants from around the world on October 4 and 5, 2019. On the sidelines…

By Amath Ndiaye Associate Professor FASEG-UCAD. The decision of the Senegalese government to stop the orientation of new graduates in private higher education institutions (EPES) is not based on criteria of financial and economic efficiency. This measure is taken in haste and the illusion that the billions paid to EPES are excessive and that they could have been used to develop public university education. Before coming to our argument, we would like to recall that the conditions that had pushed the state to direct students in the private sector are still there: public universities still suffer from lack of everything…

In terms of convergence in the West African Economic and Monetary Union (UEMOA), no state has met in 2018 the three criteria of first rank, according to the UEMOA Commission based in Ouagadougou. These first-order criteria concern the ratio of the overall fiscal balance, including grants, to nominal GDP, greater than or equal to -3%, the average annual inflation rate of up to 3% per year and the ratio of the outstanding amount of the domestic and external debt relative to nominal GDP, less than or equal to 70%. The report on multilateral surveillance in the UEMOA prepared by the…

The Union of Comoros joins the group of intermediate countries according to the new classification of the World Bank. “After analyzing the economic performance of our country, and particularly the last three years, the World Bank has decided to classify Comoros in the Group of Intermediate Countries,” said President Assoumali Azali, who made the announcement. to the Comorians. In the new classification of 1 July 2019, involving 7 new intermediate countries outclassed, there are 3 African countries, Comoros, Senegal and Zimbabwe.

The General Directorate of Treasury and Public Accounting of Togo raised on September 6, 2019 on the financial market of the West African Monetary Union (WAMU) an amount of 22 billion FCFA (33 million euros) at the end of its tender of equivalent bonds of the treasure (OAT) to 5 years month organized in partnership with the UMOA-Titres Agency. The total amount sought was 20 billion FCFA (30 million euros). But at the end of the issue, the issuer was offered by the investors 48.465 billion FCFA (72.698 million euros) of global bids, ie a coverage rate of the amount…

Murdoch hosted Kingdom Business Network (KBN) Chief Executive Officer Joarina Matthys and four of its entrepreneurs to participate in a panel at the 9th Annual Africa Australia Research Forum A new partnership between Murdoch University (www.Murdoch.edu.au) in Western Australia and the South African-based Kingdom Business Network (KBN) took a first step towards formation after a visit to Perth for Africa Week by a delegation of five of its members. The KBN is a programme created and funded by the South-African diversified investment company, the Beryl Group, to inspire entrepreneurs to create and acquire sustainable wealth, enabling them resources and training…

Extraordinary Summit of ECOWAS Heads of State and Government on Terrorism in Ouagadougou, 9 to 14 September 2019 While the ECOWAS Heads of State and Government meet on Saturday, September 14, in an extraordinary summit on terrorism, the signatory organizations, working alongside local communities affected by insecurity in the Sahel countries, are alerting the importance of placing the protection of civilians at the heart of responses to insecurity in the Sahel and recall the human cost of the fight against terrorism. Civilians are the first victims of conflicts in the Sahel, affected by an unprecedented humanitarian crisis. In one year,…

– 10-TIME NBA ALL-STAR RAY ALLEN ATTENDS JR. NBA LAUNCH EVENTS IN KHOURIBGA AND BENGUERIR, MOROCCO – The OCP Group (OCP), a world-leader in the phosphate industry, and the National Basketball Association (NBA) today announced a new, multiyear partnership to expand Jr. NBA programs, teach life skills and build new basketball courts in Khouribga and Benguerir, Morocco and in the Rwandan capital of Kigali, while using the transformative power of basketball to empower Moroccan and Rwandan youth and their communities. The announcement was made today during the opening ceremony on the newly built basketball court at Ennahda in Khouribga, Morocco…

The accumulation of term deposits made in the accounts of the West African Economic and Monetary Union (WAEMU) banks decreased by 15.1% at the end of 2018 compared to 2017, according to data from the Central Bank. West African States (BCEAO). The cumulation of these deposits increased from CFAF 8,396.2 billion in 2017 to CFAF 7,130.3 billion in 2018, a drop of CFAF 1265.9 billion. By country, the decreases were observed in Senegal (-49.1%), Niger (-26.2%), Mali (-10.6%), Benin (-4.6%) and Togo (-3.9%). On the other hand, new term deposits increased in Guinea-Bissau (+ 34.9%), Côte d’Ivoire (+ 4.2%) and…

The grants are designed by the Bank’s Africa Fertilizer Financing Mechanism (AFFM) to provide sustainable financing solutions to boost the fertilizer value chain in Africa The African Development Bank (AfDB.org) and the African Fertilizer and Agribusiness Partnership (AFAP) have signed two grant agreements to implement trade credit guarantees worth $5.4 million to support fertilizer value chains in Nigeria and Tanzania, potentially benefitting hundreds of thousands of smallholder farmers. The organizations held a signing ceremony at the African Green Revolution Forum in Accra, Ghana on 5 September 2019. Dr. Jennifer Blanke, African Development Bank Vice President for Agriculture, Human and Social Development…

On September 28, 2019, the ECOWAS Bank for Investment and Development (EBID) will pay the half-yearly interest and the repayment of the capital of its bond BIDC-EBID 6.50% 2014-2021 for an amount of 3.766 billion euros. FCFA (5.649 million euros), announced the leaders of this financial institution based in Lome in Togo. EBID launched during the period 18 February to 18 March 2014, a public bond loan for an amount of 40 billion FCFA (60 million euros). The price of the bond was fixed at 10,000 FCFA (15 euros) with an annual interest rate of 6.50%. The duration of the…

The African Export-Import Bank (Afreximbank) will allocate $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support Nigerian manufacturers to take advantage of the opportunities offered by the African Continental Free Trade Area (AFCFTA) agreement, Bank President Prof. Benedict Oramah, has announced in Lagos. Prof. Oramah, who was the Guest Speaker at the Annual Lecture and Presidential Luncheon organised on Tuesday as part of the 47th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), said that the facility would support Nigerian manufacturers to expand trading in their products into, and to source raw materials from, other…

Bolloré Transport & Logistics inaugurated its new multimodal logistics hub, Aerohub, in Abidjan on Wednesday 4 September 2019. Attending the event was Thierry Ehrenbogen, CEO of Bolloré Logistics. Featuring latest-generation equipment, Aerohub will receive, store and distribute via a tri-temperature platform (frozen, positive cold, ambient temperature) goods intended for the Côte d’Ivoire and sub-regional market for companies in the mass retail, telecoms, pharmaceutical and catering sectors. Aerohub is ideally located at the Félix Houphouët Boigny airport and close to the Port of Abidjan, making it a connection point between international sea and air logistics flows as well as final consumers.…

How can Africa realize economic prosperity without contributing further to climate change? The solution lies in a kind of Green New Deal – a comprehensive strategy for achieving sustainable growth, including through coordinated, large-scale investment in renewable-energy deployment. CAPE TOWN – Earlier this year, Tropical Cyclone Idai tore through southern Africa, killing hundreds, injuring thousands, and displacing even more. In Mozambique, as much as half of all annual crops and critical infrastructure were destroyed. In total, over three million people in the region were affected. It was a stark reminder of Africa’s vulnerability to the intensifying consequences of climate change. Cyclones are…

“There is a business case for governments to invest in grey matter – Jennifer Blanke By investing in Africa’s food markets, governments can win the fight against stunting and improve nutrition across the continent. And with support from institutions like the African Development Bank, the results would be a win-win situation for all. “What a huge potential the food markets represent. “Feed Africa,” which is one of the Bank’s High 5 priorities, has nutrition at its core,” Bank Vice President for Agriculture, Human, and Social Development, Jennifer Blanke said Thursday at a panel discussion on day two of the 7th Tokyo International Conference…

The Harmonized Index of Consumer Prices (HICP) in the West African Economic and Monetary Union (WAEMU) zone decreased by 0.6% at the end of April 2019 compared to its April 2018 level, announced the UEMOA Commission based in Ouagadougou, Burkina Faso. This index stood at 102.5 against 103.1 in April 2018. According to the WAEMU commission, the evolution of the HICP varies depending on the country. Compared to the price level of April 2018, the index of April 2019 falls for Benin (-1.6%), Burkina Faso (-2.5%), Mali (-1.2%), Niger (-2.8%) and Togo (-0.3%). In the other three countries, the index…

Resumed 51.6% by Canadian Westbridge Mortgage REIT since January 2018, the Côte d’Ivoire Habitat Bank (BHCI) is running out of cash. The recapitalization of CFAF 10.7 billion of the bank was not enough to cover its commitments and follow a spectacular rise in the staff turnover curve from 170 employees to 270 in the space...

The turnover of Vivo Energy Ivory Coast, a company specializing in the distribution of hydrocarbon products, recorded a 4% increase at the end of the first quarter of 2019 compared to the same period of the year 2018, announced the leaders of this company based in Abidjan. This turnover amounted to 88.179 billion FCFA against...